Selling Your Gold for Cash - Five Things You Ought to Know

gold value

Selling Your Gold for Cash - Five Things You Ought to Know

One of the most lucrative profit and hobby are to buy and sell gold. It may have been simple as it sounds but it requires having good knowledge on this field especially on how to evaluate this kind of metal. It is the most popular and having a good investment in all kinds of metal. There are several pros and cons in this profitable field and there are pros and cons of people involved in this business. In terms of selling gold, here are five things you ought to know before selling gold.

Value

The value of gold is fluctuating in the market. It may have depreciated last month and had increased today. Perhaps, there has a tendency to depreciate again tomorrow. However how it increases and decreases, since 1998, the value of gold never goes steadily down. In fact, it increases more than it decreases.

Before selling gold for cash, know the value of your gold you are about to sell. There are several factors how the market affects gold - central banks, financial stress, the demands in the jewelry industry, emergency selling and at times ‘war’. And the price of gold is seen through its purity and according to its carats. Always check the right value and price of the gold per ounce before considering selling them into the market.

Dealer Reputation

Transact only to gold brokers, dealer and numismatists with good reputation. As gold attracts money as it also attracts greedy businessman. Sell gold with respected name in the industry to avoid being ripped off from the true value of your gold you are selling and to avoid haggling with that kind of businessman.

Fees and Commission

Look for brokers, dealers or investors asking at standard or reasonable commission from the gold. The common retail commission rate is 5 to 6 per cent per ounce of gold. Always be tactful and careful on selling your gold investments. The business-wise deal is choosing the right dealer to avoid being deceived by right amount and fees involve in making the transaction successful.

Avoid being an Impulsive Seller and Buyer

Selling gold for cash in short term or in emergency may affect the supposedly good profit it entails. Always sell gold with forethoughts and avoid being whimsical on good offer. It can lead to being ripped of a lot of money from what is worth.

Alternatives

There are several options and alternatives to consider when selling gold. These are selling to alternatives with great payouts. However, as with the advantages, there are also disadvantages to evaluate the options - Refiners, Pawnshops, Jewelers, Gold Parties, and eBay.

Gold Refiners. Selling gold to the refiners is easy and pays fast and it the payouts vary according to the volume of gold to sell. It pays higher if selling gold more than 10 ounces and price is poor if the quantity is less than ten ounces.

Pawnshops. Pawnshop pays three times more than what the gold refiner pays and it has a quick transaction. They evaluate the gold while you wait and offer cash in the instant. However, there are many pawnshops available within a mile radius area, consider checking other pawnshops and end with the best offer.

Jewelry Stores. At times your gold jewelry could be worth more than the value of gold it contains and jewelry stores will pay more than what refiners and pawnshops could pay. However, the kind of gold jewelry you are selling must fall in the store’s category such as antique, or having rare design and like pawnshops, it requires to check other stores for the best offer.

eBay. Selling your jewelry on eBay has an advantage of better payouts, however it takes time to sell. If you are not in need of immediate cash, consider eBay as your selling tool to gain great profits and value for your gold.

Gold Parties. Gold parties are an event where gold collectors, buyers and sellers occasionally meet. Spot cash is paid on the jewelry and the hosts get commission from it. Payouts is at times lower than the gold refiners.

Selling gold for quick cash on the gold market has several options and factors to consider. Try to be an impulse seller to get the right value for your gold and since gold is a good investment, consider gold is like wine that when it gets older the better it taste. Happy trading!

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